10 things you need to know this morning in Australia

James D. Morgan/Getty ImagesProtestors shine their torches and camera phones onto the Opera House sails.

Good morning.

1. Benchmark US 10-year yields retreated overnight, after briefly hitting a new seven-year high of 3.27%. And if that peak didn’t give you the heebeegeebees, you ain’t seen nothing yet, according to Macquarie Bank which expects they’ll go a lot higher, forecasting a move to 3.75% by the end of 2019.

2. The Australian dollarrecovered from earlier losses to close Tuesday’s trading session higher, repeating the price action seen one day earlier. A slight pullback in US bond yields, along with strong gains in emerging market currencies and commodities and dovish commentary from US President Donald Trump, largely explains the recovery. At 8am AEDT, the Aussie was up 0.37% to 0.7102.

3. Trouble is brewing in global markets. Look no further than China. Its current account balance is down significantly from last year’s 1.3% and will likely turn into a small deficit in 2019. If so that would be the first time in 24 years. “The larger the stimulus used by China to offset the trade war impact, the bigger will its deficit likely be,” UBS’s Tao Wang, chief China economist, said in a report on Tuesday. Markets are also worried about the ongoing Italian debt crisis, and the rising price of oil.

6. Telstra is preparing for a shareholder backlash against executive pay at its AGM next week. Several proxy advisers, including CGI Glass Lewis, are recommending a vote against the remuneration report, raising the prospect of a first strike against Australia’s biggest telco. More here.

7. Australia, prepare for more pain at the petrol pump. High crude oil prices and the falling Aussie dollar has seen the average cost for a litre of petrol jump nearly 50 cents since early 2016. And unfortunately for motorists, prices are likely to head even higher in the short-term. Here’s why.

9. The winners of the 2019 Good Food Guide awards have been revealed. Jock Zonfrillo’s Restaurant Orana in South Australia has taken the top gong as best restaurant of the year with the judges saying it “Ticks every box”. Culinary legend Peter Gilmore was awarded best chef of the year. His restaurant Quay at Sydney’s Overseas Passenger Terminal reopened in July following a $4 million makeover by its owners, the Fink Group.